Statistics is a branch of mathematics which is heavily employed in the area of Actuarial Mathematics. This thesis first reviews the importance of statistical distributions in the analysis of insurance problems and the applications of Statistics in the area of risk and insurance. The Normal, Log-normal, Pareto, Gamma, standard Beta, Frechet, Gumbel, Weibull, Poisson, binomial, and negative binomial distributions are looked at and the importance of these distributions in general insurance is also emphasized. A careful review of literature is to provide practitioners in the general insurance industry with statistical tools which are of immediate application in the industry. These tools include estimation methods and fit statistics popular in the insurance industry. Finally this thesis carries out the task of fitting statistical distributions to the flood loss data in the 50 States of the United States.